|University||SIM Global Education (SIMGE)|
Business Economics Assignment, SMIGE, Singapore Identify 2 non-price determinants that had affected the demand for the business’ good or service
- Identify 2 non-price determinants that had affected the demand for the business’ good or service.
- Illustrate this change in demand with the demand-supply diagram and determine the effects on the equilibrium price and quantity of the business’ good or service.
- Show that the effects on either the equilibrium price or quantity can be validated using reliable sources
- Identify 2 businesses that are related to the business that you are studying in.
- One of the related businesses can be substitutes and the other a complements to the business you are studying.
- Explain how the actions of these related businesses can affect the demand of goods or services on the business that you are studying.
- a) Identify 2 non-price determinants that had affected (or are affecting) the supply of the business’ good or service. For each determinant, explain the impact and support your answer using a news article/promotional poster/business’ website.
- b) For each determinant, illustrate the change in supply with the demand-supply diagram and determine the effects on the equilibrium price and quantity of the business’ good or service.
- c) Show that the effects on either the equilibrium price or quantity can be validated using reliable sources.
Pick 2 products/services that the business sells. 1 product/service should be elastic and the other inelastic. Using the factors affecting price elasticity of demand, explain if each product/service is elastic or inelastic by comparing it with similar products/services offered by competitors. What can the business do with the pricing policy in order to increase the total revenue?
- Making use of news articles, describe the market outlook for the business in the next few years. What are potential growth areas and challenges?
- Based on the current environment that the business is operating in, explain 2-3 strategies/adjustments that the business has taken or can take. Provide evidence from news articles, business websites, or photos to show these adjustments.
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